Income Taxes

3 Months Ended

Sep. 30, 2014

NOTE 2 - INCOME TAXES

The provision for income taxes consists of the following:

	September 30, 2014			September 30, 2013
Deferred Tax Asset	$	267,000		$	98,884
Less: Valuation Allowance		(267,000	)		(98,884	)
Net Deferred Tax Assets	$	-		$	-

As of September 30, 2014, the Company has net operating loss carry forwards of $658,357 that can be utilized to offset future taxable income for Federal and State income tax purposes through 2024, generating a maximum deferred tax benefit of $267,000 by applying Federal and State statutory tax rates. The Company applied a 100% valuation reserve against the deferred tax benefit, as the realization of the benefit is not certain.

The following tax years remain subject to examination by the respective tax jurisdictions.

		Fiscal Years ending June 30,
Internal Revenue Service		2012 - 2014
Commonwealth of Pennsylvania		2012 - 2014

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Avangard Capital Group, Inc 10-Q